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What is the story about?
Gold and silver prices on the Multi Commodity Exchange (MCX) traded lower on Friday (April 10), tracking weak international cues and a firm dollar, even as broader fundamentals continue to support a longer-term bullish outlook for precious metals amid rate-cut expectations and geopolitical uncertainty.
On MCX, gold futures declined 0.51% to ₹1.52 lakh per 10 grams of 24-karat purity, while silver eased 0.63% to ₹2.42 lakh per kilogram compared with the previous close.
Global gold steadies, but remains on weekly gains
Internationally, gold held steady as uncertainty around the US-Iran ceasefire and broader geopolitical risks kept safe-haven demand intact. Spot gold was largely flat at around $4,764.54 per ounce, while US June gold futures slipped 0.6% to $4,787.80 per ounce.
Despite the day’s muted movement, gold remains on track for a third consecutive weekly gain, rising about 1.8% so far this week, supported by growing expectations of earlier and deeper US Federal Reserve rate cuts.
However, a stronger US dollar capped gains, making bullion more expensive for holders of other currencies. Market participants also await key US inflation prints, including the Consumer Price Index (CPI), for further cues on the Fed’s policy path.
Analysts noted that gold is currently navigating a “holding pattern” amid conflicting signals from geopolitics and macroeconomic data, with volatility likely to persist in the near term.
Silver under pressure amid industrial slowdown concerns
Silver, meanwhile, mirrored the weakness in industrial metals, reflecting both its precious and industrial characteristics. Broader risk-off sentiment, dollar strength, and position unwinding weighed on prices, even as long-term structural demand from sectors like solar and electronics continues to provide support.
India demand improves ahead of Akshaya Tritiya, but price sensitivity persists
In India, physical demand for gold has seen a mild pickup ahead of the upcoming Akshaya Tritiya festival on April 19, traditionally considered an auspicious buying period.
Discounts and premiums in the domestic bullion market have also remained mixed, reflecting uneven retail participation.
China, another key market, saw weaker retail demand, with bullion premiums narrowing significantly as consumption slowed. However, central bank buying continued for a 17th consecutive month, offering underlying support to global prices.
Geopolitics, rates and dollar to drive near-term direction
Global market sentiment continues to be shaped by evolving geopolitical developments in West Asia, including uncertainty over the US-Iran ceasefire and its potential impact on energy markets.
At the same time, expectations of a possible shift in US monetary policy are supporting bullion. Markets are currently pricing in a modest probability of a Fed rate cut later this year, according to CME FedWatch data.
Analysts suggest that while geopolitical tensions and central bank demand provide a floor to prices, strength in the US dollar and higher yields continue to act as headwinds.
On MCX, gold futures declined 0.51% to ₹1.52 lakh per 10 grams of 24-karat purity, while silver eased 0.63% to ₹2.42 lakh per kilogram compared with the previous close.
Global gold steadies, but remains on weekly gains
Internationally, gold held steady as uncertainty around the US-Iran ceasefire and broader geopolitical risks kept safe-haven demand intact. Spot gold was largely flat at around $4,764.54 per ounce, while US June gold futures slipped 0.6% to $4,787.80 per ounce.
Despite the day’s muted movement, gold remains on track for a third consecutive weekly gain, rising about 1.8% so far this week, supported by growing expectations of earlier and deeper US Federal Reserve rate cuts.
However, a stronger US dollar capped gains, making bullion more expensive for holders of other currencies. Market participants also await key US inflation prints, including the Consumer Price Index (CPI), for further cues on the Fed’s policy path.
Analysts noted that gold is currently navigating a “holding pattern” amid conflicting signals from geopolitics and macroeconomic data, with volatility likely to persist in the near term.
Silver under pressure amid industrial slowdown concerns
Silver, meanwhile, mirrored the weakness in industrial metals, reflecting both its precious and industrial characteristics. Broader risk-off sentiment, dollar strength, and position unwinding weighed on prices, even as long-term structural demand from sectors like solar and electronics continues to provide support.
India demand improves ahead of Akshaya Tritiya, but price sensitivity persists
In India, physical demand for gold has seen a mild pickup ahead of the upcoming Akshaya Tritiya festival on April 19, traditionally considered an auspicious buying period.
Discounts and premiums in the domestic bullion market have also remained mixed, reflecting uneven retail participation.
China, another key market, saw weaker retail demand, with bullion premiums narrowing significantly as consumption slowed. However, central bank buying continued for a 17th consecutive month, offering underlying support to global prices.
Geopolitics, rates and dollar to drive near-term direction
Global market sentiment continues to be shaped by evolving geopolitical developments in West Asia, including uncertainty over the US-Iran ceasefire and its potential impact on energy markets.
At the same time, expectations of a possible shift in US monetary policy are supporting bullion. Markets are currently pricing in a modest probability of a Fed rate cut later this year, according to CME FedWatch data.
Analysts suggest that while geopolitical tensions and central bank demand provide a floor to prices, strength in the US dollar and higher yields continue to act as headwinds.
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